EXHIBIT 12.1
CIT Group Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges(dollars in millions)
| Quarters Ended | Six Months Ended | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, | March 31, | June 30, | June 30, | ||||||||||||||||||||
| 2014 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Earnings: | |||||||||||||||||||||||
| Net income | $ | 246.9 | $ | 117.2 | $ | 183.6 | $ | 364.1 | $ | 346.2 | |||||||||||||
| Provision for income taxes – continuing operations | 18.1 | 13.5 | 29.3 | 31.6 | 42.1 | ||||||||||||||||||
| Income from discontinued operation, net of taxes | (51.7 | ) | (2.3 | ) | (8.0 | ) | (54.0 | ) | (17.7 | ) | |||||||||||||
| Income from continuing operations, before provision for income taxes | 213.3 | 128.4 | 204.9 | 341.7 | 370.6 | ||||||||||||||||||
Fixed Charges: | |||||||||||||||||||||||
| Interest and debt expenses on indebtedness | 262.2 | 271.9 | 262.6 | 534.1 | 536.7 | ||||||||||||||||||
| Interest factor: one-third of rentals on real and personal properties | 1.6 | 1.9 | 1.7 | 3.5 | 4.4 | ||||||||||||||||||
| Total fixed charges for computation of ratio | 263.8 | 273.8 | 264.3 | 537.6 | 541.1 | ||||||||||||||||||
| Total earnings before provision for income taxes and fixed charges | $ | 477.1 | $ | 402.2 | $ | 469.2 | $ | 879.3 | $ | 911.7 | |||||||||||||
| Ratios of earnings to fixed charges | 1.81x | 1.47x | 1.78x | 1.64x | 1.68x | ||||||||||||||||||